Understanding market conditions

The real estate market is always changing, and it helps to understand how market conditions can affect your position as a buyer. Your agent can provide you with info on current conditions and explain their impact on you. There are three different types market on different time and area.

Sellers’ marketThe number of buyers wanting homes exceeds the supply of homes on the market.

Characteristics

smaller inventory of homes with many buyers.

Homes sell quickly

Prices usually increase

Implications

Prices may be higher or perhaps climbing Must make decisions quickly

Conditional offers may be rejected

Balanced marketThe number of homes on the market is equal to the number of buyers.

Characteristics

Demand equals supply

Sellers accept reasonable offers

Homes sell within an acceptable time period

Prices generally stable

Implications

less tension among buyers and sellers.

More relaxed atmosphere

Reasonable number of homes to choose from

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